What are its advantages and when to use data aggregation?

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Data Aggregation

Data aggregation is any process in which information is collected and expressed in summary form for purposes such as statistical analysis.

A very common purpose is to obtain more information about particular groups of people based on specific variables, such as age, profession, or income. Information about these groups may be used to personalize websites by targeting content and advertising that may appeal to members of one or more of the categories for which data has been collected.

User-based personal data aggregation services provide a single point for the collection of user personal information from different websites. This is known as “screen scraping”, which consists of automatically obtaining the information that the user shares on different websites, extracting it to form and enrich the database itself. Screen scraping, for example, allows a user to log into multiple accounts on different websites with a single Personal Identification Number (PIN).

Aggregate data APIs are routes to collections of information from different sources or origins. Through this aggregate of data, often provided anonymously, researchers, developers, and entrepreneurs can access statistics and insights that individual data does not provide. This can have a number of important advantages to consider:

Advantage of data aggregation

Below is the advantage of data aggregation

  1. Lower and faster costs

The Perfios data aggregation platform makes the process faster and reduces the cost of processing.

The conclusion of the study was that aggregated data is used to obtain a similar meta-analysis at a much lower cost, that is: to analyze large amounts of data, using aggregated data APIs is faster and cheaper while achieving similar results.

  1. anonymization

Another big advantage is access to data that would be impossible for individuals to obtain due to legal privacy protections, since it could identify the participants. When this data is aggregated and served through an API, in addition to the fact that the data does not contain personally identifiable data, it is intermingled with one another and individual elements that can misrepresent the data’s nature disappear.

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In this way, the trend is much clearer and more precise at a global level when working with aggregated data, and the elements that can distort the results are isolated.

  1. Know the world trends

When thousands, hundreds of thousands, or millions of rows are added to a data set, trends, segmentation, and historical assessments begin to appear that can be key to better understanding the market for your business and your customers.

Most governments or government agencies offer this type of data in the form of aggregate statistics, although perhaps not in the form of APIs -although some do as well- but it is certainly a bet for a developer to build one that works on top of this. data to improve your business.

Being able to look at data from a holistic point of view will give you the ability to gain a better perspective of your customers: their needs, their actions, and their patterns. You can anticipate changes and anticipate trends. In this way, you can apply changes preemptively or plan events before they occur.

  1. The option to perform detailed analysis

Behavior patterns are especially useful for any business. Not only those related to economic data such as credit or indebtedness statistics of a population, which can give you an idea of ​​future purchasing behavior.

In this sense, analyzing the data in an aggregated way through APIs represents a good way to provide feedback and compare with individual results: see why a customer has paid much less than the average and how to get them to buy more things in the future, analyze why a certain store has more sales compared to others in its immediate environment or observe how customers respond to changes in the price of products over time.

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When you need data aggregation software

In recent years, companies from all sectors have shown great concern about acquiring the right technology to solve their impact data management problems.

Platforms like Salesforce and software-as-a-service (SaaS) technology have expanded their capabilities to collect financial and impact data. However, to make sense of all the data collected and use it for strategic decisions, you must first aggregate it.

Could your company benefit from data aggregation?

There are some clear signs that the organization needs such software. They are the following:

  • Use of Excel: when data collection is done by this means, it can be assumed that, although information is available from various sources, it is very likely that the data is not ready for use. The time you spend reviewing, cleaning, and standardizing is just the beginning, as you also need to apply formulas and create PivotTables and PivotCharts to see aggregated results that are easier to understand. Too much time and resources spent on something that could be accomplished much more easily with data aggregation
  • Need to acquire a global vision. When you need to assess the impact of an initiative, the first thing you need is to view the aggregated results over time to see whether or not they are improving. Collecting the information, aggregating it by year, and creating a line chart to see the trend is a process that, if done manually, can be lengthy and error-prone.
  • Need to share the vision with stakeholders. Business users are often unclear about the analysis results. Raw data is very difficult to understand, and you need a dashboard that uses summary charts, graphs, and other visual aids to present the highlights of your organization’s results. To be effective and easy to understand, you must present aggregated data.
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Conclusion:

Therefore, data aggregation is a process that helps to manage the data at a low cost and in a small interval of time.

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